(Bloomberg) -- Chinese solar manufacturer Longi Green Energy Technology Co. recorded its fourth straight quarterly loss as a massive supply glut continues to depress prices and hurt the sector’s profitability.
The Xi’an-based company lost 1.26 billion yuan ($177 million) in the third quarter, it said in an exchange filing Wednesday. It posted net income of 2.5 billion yuan during the same period last year.
China’s world-dominating solar companies are having to sell below production cost as the market remains oversupplied. Most industry players in the country are expected to report losses this year, and Longi recorded the largest net loss among listed panel makers for the first half, according to BloombergNEF.
--With assistance from Jeanny Yu.
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